PARIS (Standard&Poor's) Jan. 23, 2004--Standard&Poor's Ratings Services said today that its ratings and outlook on Switzerland-based cement group Holcim Ltd. (BBB+/Stable/A-2) were unaffected by the announcement that the group will make a $750 million offer for 31.1% of the shares in Holcim Apasco S.A. de C.V. (Apasco; foreign currency BBB-/Stable/--; local currency BBB+/Stable/--), Mexico's second-largest cement and ready-mixed concrete producer. The proposed transaction would bring Holcim's stake in Apasco (already fully consolidated) to 100%, but is dependent on the acceptance of the offer by Apasco's shareholders. The transaction, which Holcim intends to fund with the proceeds of an equity issue, will likely have no affect on Holcim's moderate financial profile. For the 12 months to Sept.
